The exchange commission in the United States dealing with securities has decided to push forward a decision touching on three Bitcoin ETF proposals, and the commission is quite synonymous with these delays, managers of these firms aren’t surprised at all.
Information from some Documents published on 12 August; show that SEC has postponed critical decisions touching on suggested rule changes by both NYSE Arce and Chow BZX exchanges on three decisions affecting Bitcoin that also involves managers of VanEcK, SolidX Wilshire Phoenix and Bitwise Management.
From the document, asset managers will have to wait longer, to get their much-anticipated listing by SEC, some will have to wait until Sept 2. VanEck will have to wait until Oct. 18 to know its fate, while Bitwise will have to wait until Oct 13 for the same and lastly the decision on the United States Bitcoin and Treasury investment has been postponed until Sept 29, this is according to the statement.
EFTs are securities that keep track of many grouped assets that are proportionately represented by the funds in their shares. Many see them as an improvement, and they are poised for higher uptake by digital assets in the coming days.
SEC reserves the right to postpone listing dates according to the law, while this is correct, VanEcK filed a proposal in January and up and until now, there is no new development regarding the same. Wilshere phoenix was a bit late, and it filed its application to the register on July 1, 2019.
What does the Law Say?
The law gives SEC the right to push forward listings to allow the firm to carry out proper background checks on the exchanges before admission.
The latest deal marks the news of a series of delays that have taken place for a long time now. A similar event witnessed in May and March; show that SEC delayed its planned listing of VanEck and Bitwise yet again.
Hester Pierce also shared her sentiments on SEC behavior last year when she claimed to have warned investors not to be expectant as SEC took a very long time to approve Bitcoin EFT in the past.
However, in June, SEC top executive claimed that, before any approvals, the SEC must be comfortable with the cryptocurrency custodian firm before it can allow it to operate. The manager goes on to add that; they do this stringent checks to prevent any rogue dealings in the market and among other security issues that may arise in the future.